Financial Services Guide. General Advice

Transcription

1 Financial Services Guide General Advice 1 July 2018

2 VicSuper is required to provide you with this Financial Services Guide. It is designed to help you understand the important features of the general financial advisory services provided by VicSuper, and to assist you in deciding whether to use any of these services. General advice does not take into account your financial situation, objectives and needs. This guide will help you understand how our general superannuation advisory service works and what you can expect when you use this service. It also contains information about the remuneration that may be paid to representatives authorised to provide these services under VicSuper s Australian Financial Services Licence (AFSL), as well as details about how you can make a complaint and the services provided to you. VicSuper Pty Ltd (VicSuper) is the Trustee of VicSuper Fund. VicSuper Fund was established in 1994 and is a public offer fund.

3 If you become a VicSuper Fund member, you will receive a VicSuper Product Disclosure Statement (PDS) and in some instances you must receive a copy before becoming a VicSuper Fund member. These documents will help you understand the product by setting out the features, costs, benefits and risks of investing your money in that VicSuper Fund product. Key information about the general financial advisory services provided by VicSuper is set out in this Financial Services Guide in question and answer format. Please contact VicSuper if you require more information or clarification. Where personal advice is provided to you by VicSuper, you will be provided with a separate personal advice Financial Services Guide, which is designed to help you understand how our personal superannuation advisory service works, any fees that may be charged for the advice provided and what you can expect when using the service. Where you receive personal advice from us, you will also be provided with a Statement of Advice, which is a document that outlines the personal advice that is being given to you. Who is my VicSuper representative? You may have received, or will in future receive, general advice from a VicSuper representative. VicSuper representatives are employees of VicSuper. Who will be responsible for the advice given to me? Your VicSuper representative will be acting on behalf of VicSuper. VicSuper is therefore responsible to you for any general advice your VicSuper representative provides. Under its AFSL, VicSuper is authorised to provide financial product advice on superannuation products. Does VicSuper have any relationships or associations that may affect the advice given to me? VicSuper is not a member of any financial group nor does it have any ownership links or affiliations that would affect the advice provided by its representatives. If you are given advice by a VicSuper representative in relation to VicSuper Fund, you should be aware that VicSuper is both the adviser and the Trustee of the Fund. However VicSuper is required by law to act in your interests both as adviser and Trustee. Also, VicSuper s fees are used in the general running of VicSuper Fund. They are not used to distribute profits to VicSuper or any third party.

4 What advisory services are available to me? At present VicSuper representatives are limited to providing general financial product advice on the VicSuper Fund, the Emergency Services & State Super (ESSSuper) Revised, New, SERB and Transport Schemes and general superannuation matters. This includes general information about: VicSuper s products and how they operate VicSuper Fund s investment strategies, objectives and risks how to join VicSuper Fund how to change your VicSuper Fund investment options benefit quotes and account balances contribution options in VicSuper FutureSaver retirement income streams the insurance options available through VicSuper Fund the options available to ESSSuper Revised, New, SERB and Transport Scheme members general superannuation matters. If you have superannuation savings in two or more funds, you may consider whether to consolidate them into one fund, having regard to your own circumstances and any other consequences (such as exit fees, tax and insurance) that may be relevant in your other funds. VicSuper can give you general advice about consolidation. Your adviser will explain that this advice does not take into account which funds are involved, your individual objectives, financial circumstances or needs. How will I pay for the service? VicSuper does not charge any fees or pay any commissions for its general advisory service. VicSuper receives a combination of percentage based and fixed dollar fees in respect of the superannuation accounts that it administers. These fees cover the costs associated with the general advice service. What remuneration or commissions will my VicSuper representative be paid for providing this advice to me? VicSuper representatives are paid salaries by VicSuper and may be eligible for an annual discretionary bonus based on Key Performance Indicators relating to compliance, service standards and business objectives. No person or entity is paid commissions to recommend VicSuper products. Will you give me advice which is suitable to my investment needs and financial circumstances? General advice you receive from VicSuper will not take into account your financial situation, objectives and needs. As general advice will not be specific to your personal circumstances, you will need to consider if the general advice provided is suitable for your superannuation investment objectives, financial circumstances situation and needs before taking any action. If you require advice which is tailored to your specific circumstances, please contact VicSuper to discuss our personal superannuation advice service. Most advice you receive will be at no additional cost however a fee is payable for certain types of personal advice. If you require personal advice that is beyond the scope of advice allowed under VicSuper s AFSL, a VicSuper financial planner may be able to provide this advice to you on behalf of (or as a representative of) a different AFSL holder under a different licence. If you elect to receive advice via this service, it will be provided by a VicSuper financial planner who is an authorised representative of Guideway Financial Services AFSL (Guideway). If advice is provided under Guideway, you should read a separate FSG. Guideway is responsible for this advice

5 What should I know about any risks of the investments or investment strategies you recommend to me? VicSuper representatives can provide you with general advice about the risk profile and strategies of VicSuper Fund s investment options. This advice will not be tailored to your circumstances. The relevant VicSuper PDS also provides general information about VicSuper Fund s investment options. Does VicSuper have professional indemnity insurance in place? VicSuper has professional indemnity insurance in place that covers claims in respect of current and former representatives and employees for services provided on behalf of VicSuper. This insurance satisfies the requirement for compensation under the Corporations Act Who can I complain to if I have a complaint about the advisory service? If you have any complaints about the service provided to you, you should take the following steps. 1. Contact your VicSuper representative and tell them about your complaint or call or write to VicSuper s Complaints Coordinator Telephone: Address: GPO Box 89 We will try to resolve your complaint quickly and fairly and the matter may be reviewed by VicSuper. 2. If you still do not get a satisfactory outcome, you may have the right to complain to the Superannuation Complaints Tribunal: 1 Telephone: Address: Locked Bag 3060 Or if your complaint is outside the jurisdiction of the Superannuation Complaints Tribunal, the Financial Obudsman Service: 1 Telephone: Address: GPO Box 3 For more information, contact VicSuper s Member Centre on between 8.30am and 5pm, Monday to Friday. 1 From 1 November 2018 AFCA will replace both the SCT and the Financial Ombudsman. Contact details for AFCA are listed on page 40.

6 Get in touch Call our Member Centre and speak to a VicSuper super consultant between 8.30am and 5pm, Monday to Friday Visit us Ballarat Bendigo Blackburn Geelong Melbourne CBD Traralgon Monday to Friday 8.30am to 5pm To make an appointment to see a VicSuper financial planner call (03) Send us a fax (03) Write to us VicSuper GPO Box 89 Browse our website vicsuper.com.au Download our app vicsuper.com.au/mobileapp Manage your account online Simply visit our website to login VicSuper Pty Ltd ABN , AFSL , Trustee of Victorian Superannuation Fund ABN VicSuper is licensed to deal in, and provide financial product advice on superannuation products. At an additional fee, financial advice can be provided on a broader range of financial matters and products under an Australian Financial Services Licence held by a third party, who is responsible for the advice VicSuper Pty Ltd. All rights reserved. No part of this communication, covered by copyright, may be reproduced or copied in any form or by any means without the written permission of VicSuper Pty Ltd. V605 07/18